EUR/USD Signal Update
Last Thursday’s signals expired without being triggered as the price did not bounce until after London closed.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0707.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0940.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
I wrote yesterday that there may be resistance at around 1.0950 and in fact we reached the high of the day just a few pips from that price before turning strongly bearish and falling by more than 150 pips. This would have been a great short trade.
The price stabbed below the supportive zone I had identified from 1.0810 to 1.0790, but quickly bounced back, so it did hold overnight. However at the time of writing the price is again threatening this support. If the price can break 1.0790 again it will be a bearish sign that we may be challenging the 1.0700 level quite soon. Alternatively, the price could turn bullish here at 1.0800 for another move up to 1.0900, but I do not think that this is the most likely scenario.
There is nothing due today concerning either the EUR or the USD.